Tuesday, May 08, 2012

Both the expectation for home prices and the percentage of those who
think the U.S. economy is on the right path reached record highs in Fannie Mae’s April 2012 National Housing Survey.

Americans continue to expect home prices to go up, with the
projection averaging 1.3 percent over the next 12 months, the highest
value recorded.
At 71 percent, a high percentage of Americans still say it is a good
time to buy while the percentage who said it is a good time to sell was
15 percent, a 1 point increase from March.
“Overall, consumer views of housing market conditions have become
more supportive of home purchases, and sustained healthy hiring is
required to help realize these improved expectations,” said Doug Duncan,
Fannie Mae chief economist.

Duncan also mentioned the recent figures on employment in April, which showed a decline in job growth.“Friday’s report of a second consecutive setback in job creation
supports the view that the housing recovery will remain uneven this
year,” said Duncan.

The expectation for average rental prices decreased slightly to 3.6
percent; in March, respondents expected rent to go up by 4.1 percent
over the next 12 months.

If respondents were to move, 32 percent said say they would rent
while 64 percent said they would buy. The percentage of those who said
they would rent increased 2 points and reached the highest level since
November 2011.

The percentage of Americans who believe the economy is on the right
track rose to 37 percent, a 2 point increase from the previous month and
the highest level in the survey’s two-year history. Still, an even
greater 56 percent believe the economy is moving in the wrong direction.

Also, 23 percent of Americans reported their household income is
significantly higher than it was a year ago, while 36 percent said their
household expenses are significantly higher since the same time period.
Both categories rose 2 percentage points compared to March.

The percentage of those who think their financial situation will
decline was unchanged from the previous two months at 12 percent, the
lowest value recorded in over a year.

The Fannie Mae survey polled a nationally representative sample of
1,000 respondents aged 18 and older between April 4, 2011 and April 27,
2012.

Walk Score helps you find a walkable place to live. Walk Score is a number between 0 and 100 that measures the walkability of any address.

a Walk Score of 0-24 is considered Car-Dependent, almost all errands requires a car

a Walk Score of 50-69 is considered Somewhat Walkable, some amenities are within walking distance

a Walk Score of 70-89 is considered Very Walkable, most errands can be accomplished on foot

a Walk Score of 90-100 is considered a Walker's Paradise, daily errands do not require a car

As an example Plainfield, IL, located 47 miles southwest of Chicago has a Walk Score of 30 and is considered Car-Dependent, River Grove, IL, located 12 miles northwest of Chicago has a Walk Score of 62 and is considered Somewhat Walkable and Chicago's Wrigleyville neighborhood has a Walk Score of 87 and is considered Very Walkable.

Overall the city of Chicago has a Walk Score of 74 and is considered Very Walkable. The most walkable neighborhood in Chicago is Printers Row with a Walk Score of 99.

So check out your Walk Score at Walkscore.com and Drive Less & Live more

(Crain's) — Chicago's landmarks ordinance got a boost Wednesday when a
Cook County judge dismissed claims that the law is unconstitutionally
vague.

In a 27-page ruling, Judge Sophia Hall sided with
the city, frustrating a six-year campaign by landmarking opponents to
nullify two landmark districts on the city's North Side.

But
the legal battle over the landmarks law, which allows the city to
designate properties and areas as historically significant enough to
prevent their demolition, isn't over yet. Thomas Ramsdell, the attorney
for the plaintiffs, real estate executive Albert Hanna and broker Carol
M. Mrowka, is vowing an appeal.

"We're disappointed in her
ruling. The most I can say is we strongly disagree with her reading and
interpretation of the binding Illinois appellate court decision of
2009," says Mr. Ramsdell, a partner in the Chicago office of Royal Oak,
Mich.-based Howard & Howard PLLC.

A spokesman for the
Department of Law says in an email that the city is pleased with the
ruling. The city is the primary defendant in the case.

Sunday, May 06, 2012

Planning on filing a real estate tax appeal? Dupage County property owners have an annual opportunity to appeal their assessments to
the DuPage County Board of Review. The period during which
an appeal may be filed begins on June 10th of the assessment year, and ends
September 10th or thirty days after the publication of the
township assessment roll, whichever is later.

An assessment appeal does not address the amount of
the property tax bill, it is an attempt to prove that the assessed value overstates the property's market value, or is higher than
the estimated value of similar properties.

If the property owner believes that their property is
overassessed, they may file an assessment appeal.

A property owner must provide evidence to support
their assessment appeal. The appeal can be based on market
value, or based on assessment uniformity.

The assessor will also compile sales and/or
uniformity comparables to present to the Board of Review.

After the appeal deadline, Board of Review hearings
are scheduled. Board of Review hearings are held at the DuPage County Government Center, 421 N. County Farm Road,
Wheaton.

At the hearing, the appellant is given the
opportunity to explain their. The Assessor or a Deputy Assessor will respond, and present an analysis of both the Appellant's
Comparables and the Assessor's Comparables.

The Board of Review may ask questions of the
appellant and the Assessor. After the hearing, the Board will render a decision. The decision is mailed to the property owner after all
Board of Review action is completed for the tax
year.

If a property owner is not satisfied by a decision of
the Board of Review, they can appeal to the Illinois
Property Tax Appeal Board, or to the Circuit Court.

Citywide Services provides residential appraisal service in
Chicago & suburbs. Our appraisers are Illinois State Certified and listed on
the FHA Appraiser Roster. We have experience with single family homes,
townhouses, condominiums as well as small residential income properties.
Appraisals for conventional or FHA loans, divorce, bankruptcy, tax appeals, and
estate purposes.

Appraisals fees for a typical single family home or
condominium for tax appeal purposes is $275.00. Time to file an appeal is short
so call Citywide Services at 1-800-405-9718 and get started.

Several housing experts are predicting that this year will be the last
chance for homebuyers to cash in on the weak housing market.

According to Money Magazine buying a home may never get any cheaper than this. Several housing
experts are predicting that this year will be the last chance for
bargain hunters to cash in on the best deals of the weak housing market.

With home prices down 34% nationally
since 2006 and mortgage rates at historic lows, homes have never been
more affordable -- but it won't stay this way for much longer.

Stuart Hoffman, chief economist for PNC Financial Services (PNC, Fortune 500),said he expects home prices to flatten out by the third quarter and start climbing by next year.

A
number of factors will help bolster the housing market, he said,
including a decline in the number of foreclosures and continued job
growth. In addition, homebuyers will have better access to mortgages as
they get their finances in order and improve their credit scores.

Some
economists, like Trulia's Jed Kolko, expect home prices to pick up even
more quickly. Trulia's data shows that the national average for asking
prices already increased 1.4% in the first quarter of 2012, compared
with the last three months of 2011.